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Trade between China and PNG reaches K3.28 billion

Staff Reporter 9/28/2014 |
HE Total trade volume between China and Papua New Guinea reached US$1.35 billion (K3.28 billion) last year and is growing rapidly, Chinese Ambassador to PNG Li Ruiyou says. 
He said that at a celebration marking the 65th anniversary of the founding of the People’s Republic of China last Thursday.
“PNG and China have built up a good relationship in the last 38 years since the two countries established diplomatic relations,” Ruiyou told guests, including Deputy Prime Minister Leo Dion, Ministers Francis Awesa and Justin Tkatchenko, Lae MP Loujaya Kouza,  senior public servants, members of the private sector, and members of the diplomatic corps.
“The cooperation in various sectors is expanding rapidly.
“Last year, the total trade volume of the two countries reached US$1.35 billion.
“China’s direct investment to PNG is US$400 million (K972.32 million).”
Ruiyou said last week was a case in point with news of the Pacific Maritime Industrial Zone in Madang and the new tuna-processing plant in Lae.
“Yesterday, there was a piece of news about the progress of the Pacific Maritime Industrial Zone, called ‘Marine Park’ in Madang, an impact project which would create 25,000 jobs,” he said.
“Another piece of news was about the K53 million onshore tuna-processing project to be set up in Lae.
“It will provide 1200 direct jobs and 1000 indirect jobs.
“The investment is going into the downstream business, which will have maximum benefit to the local people,” Fisheries Minister Mao Zeming said.
Ruiyou said another event signifying relations between the two countries was the Chinese medical ship’s visit earlier this month.
Ruiyou, who has only been in PNG for six months, said PNG was a fascinating country for him.
“PNG is a land of promise with rich natural endowment and upright intelligence,” he said.
“She (PNG) is on the right and fast track of economic and social development, which will help her become a prosperous nation.
“PNG is a nation of unlimited future.
“She will soon grow to be a very important player in the regional and international stages.”

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